British Columbian Families Hit Hardest Financially Over The Past 6 Months

The latter half of 2023 has proven to be a challenging period for many British Columbians, particularly families with children, according to a recent Mustel Group telephone survey conducted in late 2023.

Financial Sentiments:
While approximately one-half of British Columbians feel their personal financial situation has remained relatively stable in the later half of 2023, more than one-third feel it’s worsened (36%). Families with children were most affected, with nearly half reporting a deterioration in their personal finances during this period (46% worse).

A closer look at the broader economic climate in British Columbia unveils a sense of pessimism among residents. Nearly one-half foresee no improvement in economic conditions (48%), while four-in-ten anticipate a downturn (39%), and fewer than one-in-ten expect positive change (9%). These sentiments cut across age groups, genders, and household types, highlighting a pervasive sense of economic anxiety.

Job Security:
Despite the prevailing economic unease, most residents express some level of job security (83% at least somewhat secure), including about six-in-ten who feel “secure” in their current employment (59%). Fewer than one-in-ten do not feel secure in their current job (8%).
Interestingly, males and those earning over $65,000 per year are somewhat more likely to feel secure in their jobs than others.

Big-Ticket Purchases:
Approximately two-thirds of British Columbians believe it’s a bad time to make a significant purchase, such as a home, a car, or another big-ticket item. Families with children bear the brunt of this sentiment, with 75% considering it an inopportune time to make such financial commitments.


See press release at City News



About this survey:

This survey was conducted by telephone from November 8 to 29, 2023, with a random sample of British Columbia residents. A total of 500 residents 18 years of age or older were surveyed. The results have been statistically weighted to match census stats on the basis of age, gender, and region.

The margin of error for a sample size of 500 is +/- 4.4 percentage points, 19 times out of 20.

See data tables here